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This claims administration website was updated on August 15, 2022
Thank you for your patience as we progress through the claims administration. We apologize for the delay in making Pro Rata Distributions payments to Authorized Claimants.
The Motion to the Court seeking amendments to the Plan of Allocation and seeking authorization from the Court to make Distributions to Authorized Claimants has been filed. Unfortunately, we do not have a timeline for how long it will take for the Court to decide.
Please see the documents webpage at https://www.fsdsecuritiesclassaction.com/case-documents to review the Court approved Plan of Allocation and Settlement Agreement. The relevant sections of the Plan of Allocation are posted below.
This will result in more equitable Pro Rata Distribution payments to Authorized Claimants as follows:
Currently, if Distributions for Authorized Claims occurred pursuant to the Court approved Plan of Allocation:
The two disclosure periods were designed to reflect the increased litigation risk faced in addressing the knowledge requirement of a non-core disclosure document (such as the September Disclosure) and the economic reality that FSD could not pay the damages resulting from the earlier date (the September period).
The split between the September Disclosure and November Disclosure was thus meant to maximize recovery for those that Class Counsel considered to have the stronger claim (and for which leave was obtained), while providing recovery also for the still-meritorious original period.
Despite the real reasons for the bifurcated distribution, the payout process under the Claims Administration has now resulted in the need to re-balance the funds between the September and November Disclosure periods, namely, because of an unexpectedly high percentage of recovery in the November Disclosure period.
This would leave approximately $240,457.28 in overage from the November Disclosure. By allocating the overage from the November Disclosure to the September Disclosure, the Pro Rata Distribution for the September Disclosure Period Authorized Claimants will increase approximately 1.6350%, resulting in more equitable Distribution for Authorized Claims and without compromising the Pro Rata Distributions payments to the November Disclosure Authorized Claimants.
Pursuant to Trilogy’s recommendation to the Court, a term must be added in an Amended Plan of Allocation to allow for a transfer of the overage funds from the November Disclosure to the September Disclosure. A copy of the proposed Amended Plan of Allocation is also available on the documents webpage.
It is important that Class Members check, the website, www.fsdsecuritiesclassaction.com, or the pop-up message when you log into the portal to review the status of your Claim on a regular basis for updates in regard to the claims administration.
In the meantime, please be well.
Paul Battaglia, President,
Trilogy Class Action Services,
117 Queen Street, P.O. Box 1000,
Niagara-on-the-Lake, ON, L0S1J0
Toll Free: (877) 400-1211
“Compensation Fund (September Disclosure)” means the portion of the Compensation Fund to be distributed to Authorized Claimants in respect of their Maximum Entitlement (September Disclosure)”;
“Compensation Fund (November Disclosure)” means the portion of the Compensation Fund to be distributed to Authorized Claimants in respect of their Maximum Entitlement (November Disclosure)”;
“Qualified Shares (September Disclosure)” means Shares purchased or acquired on or after September 20, 2018, but before November 29, 2018, and held until after the close of trading on February 6, 2019, calculated using LIFO;
“Qualified Shares (November Disclosure)” means Shares purchased or acquired on or after November 29, 2018 and held until after the close of trading on February 6, 2019, calculated using LIFO;
CALCULATION OF THE DISTRIBUTION AND MAXIMUM ENTITLEMENT
Trilogy Class Action Services does not provide legal advice nor tax advice. The content on this website is provided for information purposes only and does not constitute legal or other professional advice or an opinion of any kind. Users of this website are advised to seek specific legal advice by contacting members of the firm(s) located on the Contact Page, Class Counsel or independent legal advice regarding any specific legal issues. Trilogy Class Action Services does not warrant or guarantee the quality, accuracy or completeness of any information on this website. The information published on this website is current as of their original date of publication, but should not be relied upon as accurate, timely or fit for any particular purpose. If there is a discrepancy between the content of the website and the Court documents, the content of the Court documents shall apply. The Court documents may be found on the Documents page of this website.